Canadian real estate buyers aren’t the only ones being tight with the loans. Bank of Canada (BoC) numbers show household debt growth has fallen to the lowest level in more than 30 years. The decline in growth is so low, it’s something Canada hasn’t seen outside of a recession. Canadians Owe Over $2.15 Trillion In […]
Canadians still have access to cheap credit, but it’s disappearing fast. Bank of Canada (BoC) numbers show the cost of borrowing is rapidly increasing as of last week. Over the past two years, a typical household loan has seen servicing costs rise by nearly a third. Effective Borrowing Rates The effective borrowing rate is the […]
Canada’s national housing agency sees a much smaller mortgage in your future. Canada Mortgage and Housing Corporation (CMHC) forecast numbers included projections for mortgage rates. The high projection for the rates almost add a fifth to the cost of servicing a mortgage. If rates hit these projections, buyers would lose up to 11% of their […]
Canadians are facing the most expensive credit in almost a decade. Bank of Canada (BoC) numbers show households are seeing the effective borrowing rate creep higher. The rate, which impacts how much consumers can borrow, is now at the highest levels since the Great Recession. Effective Borrowing Rate The effective borrowing rate is one way […]
Rising interest rates are already drying up credit for Canadian households. Bank of Canada (BoC) numbers show household credit hit another all-time high in August. More concerning is the rising balance is seeing a rapid decline in growth. Rising rates have sent the annual pace of growth to the lowest it’s been over 35 years. […]
